New York to sue BofA, Wells Fargo Over Mortgage Practices

New York Attorney General Eric Schneiderman on Monday said he plans to sue Bank of America Corp and Wells Fargo and Co. for violating the National Mortgage Settlement brokered last year between the country’s biggest banks and 49 state attorneys general.

Schneiderman said that since last October he has documented 339 violations of standards dictating the timeline for banks to process mortgage modification applications.

“Wells Fargo and Bank of America have flagrantly violated those obligations, putting hundreds of homeowners across New York at greater risk of foreclosure,” the attorney general said in a statement.